Accepting credit cards? 4 ways to keep fees low, collections high
A majority of businesses are now accepting credit card payments from companies — but how often?
According to a recent poll from the National Association of Credit Management (NACM), 81% of b-to-b companies say they now accept credit card payments.
However, those stats don’t tell the full story.
Reason: While eight out 10 companies take credit cards, most are very selective about just when they choose to do so.
Here are four key conditions that businesses in the NACM survey rely on to keep fees low (interchange fees, etc.) and collections high — when it comes to accepting credit card payments:
- Only up to a certain dollar amount and within a certain number of days after invoicing
- Only on deposits or COD
- Only for balances up to $1,000, and
- Only in emergency situations (i.e., extremely past due balance where the lien rights have expired or there are no lien rights).
Readers, does your company accept credit card payments from customers?
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